Cashlink, a peer-to-peer digital banking infrastructure is now available on Binance. The objective of the integration is to enable cash in and cash out of Web3 applications.
Apart from providing banking infrastructure, Cashlink offers a source of income for merchants to support the network. It also allows easy integration for platforms(crypto and non-crypto) that want their users to onramp and offramp cash.
With a pilot on Bundle Africa, Cashlink has processed over 1.7 million transactions in its first year.
“Cashlink has been the ship in which Bundlers have been able to move cash in and out of their wallet. We created Cashlink to be the Uber for money, and it is a first-of-its-kind peer-to-peer network from the African ecosystem. It is changing the Web3 payment landscape and forging a new path for payment systems,” Emmanuel Babalola, CEO of Bundle Africa, said.
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One of Cashlink’s successful features as a payment channel is its proprietary matching algorithm, which uses machine learning and artificial intelligence to connect users with merchants.
Also, it has an escrow system, which secures the transaction until both parties have fulfilled the deposit or withdrawal order ensuring safety when using the network. Another distinctive feature is that, unlike most peer-to-peer platforms, Cashlink transactions allow users of different platforms to hold cash balances in their wallets without needing to create a bank account.
Binance, the largest blockchain ecosystem, will be the second platform to join the Cashlink network. They are also launching a new look and feel and will roll out more brand features as they grow.
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